A Tax Audit under Section 44AB of the Income-tax Act, 1961 is one of the most important compliance requirements for businesses and professionals in India. The objective of a tax audit is to ensure that the books of account are properly maintained and that income is correctly reported in accordance with the provisions of the …
Tax Audit under Section 44AB – Applicability, Due Dates and Penalties Read More »
India has emerged as a global hub for IT services, consulting, software development, engineering, design, and other professional services. Many Indian businesses and professionals provide services to overseas clients and receive payments in foreign currency. A common question among exporters is: “Do I need to charge GST on services provided to foreign clients?” The answer …
Limited Liability Partnerships (LLPs) have become a preferred business structure for professionals, startups, and small businesses due to their operational flexibility and lower compliance burden compared to companies. However, LLPs are still required to comply with various annual filing, tax, and regulatory obligations. Failure to comply can result in substantial penalties, disqualification of designated partners …
LLP Annual Compliance Calendar – A Practical Guide Read More »
Practical Guide for Business Owners Running a small business involves managing sales, operations, GST, income tax, and compliance. Many businesses unknowingly make tax mistakes that lead to penalties, notices, cash losses, and unnecessary tax payments. This guide highlights the most common tax mistakes made by small businesses and how to avoid them. 1. Not Maintaining …
Many businesses today make international payments through employees’ or directors’ personal credit cards for convenience and faster processing. Common examples include payments for software subscriptions, cloud services, online advertisements, website hosting, AI tools, and foreign consultancy services. However, companies often overlook an important point — merely because the payment is made through a personal credit …
Payments Through Employee Credit Cards – Hidden FEMA & TDS Risks Read More »
India’s new labour codes are expected to significantly change the compliance and payroll framework for businesses across sectors. These reforms consolidate multiple existing labour laws into four labour codes with the objective of simplifying compliances, improving employee protection, and increasing uniformity across states. For employers, the implementation of these provisions may directly impact salary structures, …
New Labour Codes 2026 – Key Changes Every Employer Should Know Read More »
What is a Forensic Audit? A forensic audit is a detailed examination of financial records to detect fraud, misconduct, or financial irregularities. Unlike a regular audit, it is conducted with the intention of producing evidence that can be used in a court of law. It combines concepts from: Simply put, if a regular audit checks …
Selling a property can result in significant profits—but it also brings tax implications. Understanding capital gains tax in India is essential to ensure proper compliance and effective tax planning. This guide explains everything in simple terms, along with practical strategies to reduce tax liability. What is Capital Gains on Property? When you sell a property …
In the field of accounting, auditing, and taxation, documentation plays a crucial role in ensuring transparency, accountability, and reliability of work performed. Proper documentation not only supports the work performed but also provides evidence that procedures were carried out in accordance with professional standards. What is Documentation? Documentation refers to the properly recording and maintaining …
Documentation – A Pillar of Professional Practice Read More »
When starting a business in India, one of the first and most important decisions is choosing the right legal structure. The two most popular options are: Both offer limited liability protection, but they differ significantly in terms of compliance, taxation, funding, and scalability. This guide explains the difference in simple terms to help you make …
LLP vs Private Limited Company: Which is Better for Your Business? Read More »